In the interest of "giving something back," the son of late actor Robin Williams has been partnering with San Quentin State Prison in California to teach inmates about financial literacy. The 32-year-old Zak Williams co-teaches the class with inmate Curtis Carroll, also known as "Wall Street." According to TODAY, Williams became involved with the prison in October, upon the suggestion of his wife, Alex Mallick. The class is comprised of three parts: re-entry, which involves interview skills and developing a resume; personal finance, which cultivates an understanding of one's own assets and liabilities; and retirement, which focuses on investment strategies. Williams told TODAY that emulating his father in giving back has helped him get past the grief of his father's death, which took place one year ago yesterday.
Affluenza is real. The New York Daily news reports that the 20-year-old son of a Swiss millionaire recently conspired to set his own $245,000 Ferrari 458 Italia (one of his 15 cars) on fire because he wanted a different model. The son, who in addition to the various vehicles was also given a $30 million portfolio of properties and a $10,000 a month allowance by his father, was allegedly advised by a car dealer to commit insurance fraud to secure the funds for an upgrade. He paid three accomplices $15,000 to do the deed while he was visiting a massage parlor. Unfortunately for this burgeoning master criminal, security cameras recorded the act in progress, making it easy to identify the arsonists and trace the money back to him. When questioned by the court, he revealed that he’d run out of money by the time of the incident and was simply too scared to tell his father that he didn’t like the car and wanted a different one. He was ultimately only sentenced to 22 months’ probation and fined a mere $32,000. Surely that will teach him a lesson.
Africa's Rich Are Getting Richer
There's no doubt that Africa is experiencing a boom in wealth, and billionaires are reaping the benefits. Business Insider took a look at Forbes' list of most-wealthy Africans from 2011 and 2015 and found 13 that saw their net worth rise by at least $100 million. The list includes Nicky Oppenheimer, chairman of De Beers; Egypt's Sawaris brothers; former Harrods owner Mohamed Al-Fayed; and Aliko Dangote, chief executive officer of Dangote Group, who made his billions in commodities, and saw his fortune rise by 85.1 percent despite a drop in commodity prices.
Wells Fargo has teamed up with Florida Gulf Coast University in Fort Myers, Fla., for the past three years to bolster financial literacy among incoming freshmen. Students participate in a Budgeting 101 session during orientation that utilizes resources from Wells Fargo around issues like budgeting and budgeting and building credit. About 1,500 freshmen have attended Budgeting 101 since it began. “We hope to teach freshmen early about banking the right way and building credit so that when they graduate from college, their credit profile and banking relationship are enhanced,” says Monette Regis, regional banking district manager in Naples, Florida, who created the orientation session.